Based on recent successful rebuilds in the NBA, such as the Oklahoma City Thunder and Houston Rockets, there are two non-negotiables to turning around a franchise: credit capital and financial flexibility. The New Orleans Pelicans have neither.
This situation means the Pelicans are missing out not only on the top prospects in the draft, but also on perfect free agents like Peyton Watson. And with Denver trying to avoid going deep into the tax bracket, even Watson’s escape might not be enough to match a serious offer.
Looking at other struggling teams likely heading into a rebuild, most will enter the summer of 2026 with much cleaner cap sheets. By comparison, the Pelicans are expected to only have access to the taxpayer’s mid-level exception (approximately $6.1 million). Meanwhile, the Chicago Bulls could have done just that More than $60 million in cap space, the Brooklyn Nets approximately $55 millionand about the Atlanta Hawks $20-28 million.
That kind of limit flexibility isn’t just a number; it helps teams speed up rebuilding by getting exactly the player they need. Like in the summer of 2023, when Houston added Dillon Brooks.
Watson may have been a better addition than any draft pick the Pelicans could have made
This season, Watson broke out when Nikola Jokić went down with an injury in late December and he has never looked back since. Since January 2, Watson has averaged 21.4 points, 5.3 rebounds and 2.9 assists per game while still providing the defensive impact that helped him break into the league with 2.7 shares per game (blocks + steals).
Additionally, he is also shooting 45.7 percent from beyond the arc on more than five attempts per game. During this breakout, he has really grown as an isolation scorer and a self-creator, which is just another skill that makes him one of the best free agents this summer at age 23.
This is exactly the type of player the Pelicans need: young, elite in transition, floor spacer, knows how to play off a big offensive hub (from Jokic to Derik Queen), and elite defensively. I mean, can you imagine Watson’s weak rim protection ability next to Queen on the front court? It would make up for so many of the defensive mistakes of the young bigs.
Then you think about having Saddiq Bey, Trey Murphy III and Watson all in a starting group of five; the space they provide would help spread the floor and open up cleaner lanes for Jeremiah Fears.
Of course, the Pelicans can’t live up to that fantasy.
As the reality check goes, New Orleans will be instead allocating $108-plus million to the trio of Jordan Poole, Dejounte Murray and Zion Williamson (assuming Z’s deal becomes guaranteed) next season.
Sometimes signing up through restricted free agency can be more valuable than entering a lottery because you have a much clearer idea of which player you’re getting. For Pelicans fans, the 2026 offseason offers no options whatsoever, with no draft picks and little to no available money.
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